@islandgirls97 wrote:
Same problem. I have to enter a value in here to move forward. I used It's Deductible, so how do I calculate the cost basis? Help??
Cost basis is what you originally paid, or what the giver paid if the items were a gift.
When you donate items, you are supposed to have your own detailed inventory giving the item description, the date you acquired the item, how you acquired it (purchase, gift, inherited, etc.), your cost basis, the fair market value of the donated item, and its condition (good, fair, poor). If you are donating items you have had for a while, you can make the best estimate of cost that you can, but be aware that if audited, the IRS does not have to award any deduction you can't prove.
